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May 30, 2017

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Online real estate transaction info service is to be launched

TAIPEI--An online service that will allow smartphone and computer users to access the actual prices at which property is bought and sold in Taiwan is set to be launched in mid-October, a land administration official from the Ministry of the Interior (MOI) said Saturday.

The free-of-charge service has been developed in conjunction with a new government requirement, which took effect Aug. 1, that the actual prices of real estate transactions be registered.

Under the new law, land administration agents, real estate brokers or property owners will face a fine between NT$30,000 (US$1,025) and NT$150,000 if they fail to report the price of a transaction to the MOI within 30 days after the sale has been registered at a local land office.

Wang Ching-hsiu, deputy director-general of the MOI's Department of Land Administration, said the online information service will be available for users of smartphones that run on the Android operating system.

The planned MOI information service network, which will also detail the location and date of each transaction and other property details, such as its size and layout, will only provide information in Chinese.

The compulsory registration of real estate transactions is part of an effort by President Ma Ying-jeou's administration to make information on real estate transactions more transparent and promote the development of a healthy real estate market.

There have been 20 violations of the new registration requirement reported around Taiwan since Aug. 1. A total of NT$600,000 in fines have been collected as of Oct. 4, according to MOI statistics.

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